Shiba Inu Trying To Extricate From Bearish Grip As SHIB Seen Rising This Week
19 October 2022 - 12:50AM
NEWSBTC
Since the beginning of August, Shiba Inu has been actively engaged
in corrective activities. The meme coin has been distancing from
its origins and has been highly effective with doing so. An actual
use case for SHIB was just introduced last month when it became
possible to use the token to settle tax obligations in the
cryptocurrency space. In January of this year, NOWpayments
announced a partnership with Shiba Inu, opening the door for token
payments to be used as crypto wages. This isn’t the only real world
utility of SHIB per se. Shib Eternity was also released worldwide
as part of this ecosystem. Though the launch was made, the bear
market continued to gain ground. SHIB has been under strain due to
recent macroeconomic events. With the latest interest hike
by the US Federal Reserve, it can be argued that a recovery by
SHIB will be challenging. Yet, SHIB has been gaining bullish
momentum as of late. Is it possible that the deflationary token
will be able to stop the falling prices eventually? Related
Reading: NEAR Platform Active Users Soar – ‘Sweat Economy’ Boosting
Token’s Price? How SHIB Has Been Doing The real-world performance
of SHIB as of this writing has been fairly significant for the
growth of the ecosystem. SHIB has been made more widely available
in the cryptocurrency market with yesterday’s official listing on
BitMEx. As a result of Google’s agreement with Coinbase,
the token can also be used to pay for cloud services. These factors
will propel SHIB’s bullish breakout from the descending wedge it
now resides in. As of the time of writing, the coin’s trading range
is between $0.00000927 and $0.00001219. The momentum indicator
suggests that bullish pace is progressively increasing.
Congratulations to @Google for partnering with @coinbase to Accept
Crypto Payments for Cloud Services Google will begin accepting
crypto payments, $SHIB included in the list, for cloud services
early next year via integration with Coinbase Read
more..https://t.co/UCkTnAeGYc — Shib (@Shibtoken) October 15, 2022
Recent study indicates that these descending wedges are bullish
since they typically result in a positive breakout. The fact that
Chaikin’s money flow index is above the 0.05 level indicates that
bulls rule the market. The $0.00001018 support zone has also
demonstrated some resilience after preventing a continuation of the
downturn. When Does The SHIB Breakout Occur? The momentum and CMF
indicators suggest the possibility of an uptrend. However, the RSI
readings remain on the bears’ side, which could act as a hurdle for
the forthcoming breakout. The RSI is currently approaching a
bullish convergence, which is supported by increasing Stoch RSI
values. The future performance of SHIB will be determined by
investor confidence. Given the increasing utility of SHIB in the
real world, a price breakthrough over $0.00001219 is possible, with
a likely test of $0.00001395 resistance. So SHIB holders, keep
on HODLing! Related Reading: Cardano Finds Breathing Room At $0.35
Support – Is This Enough For ADA? SHIB total market cap at $5.4
billion on the daily chart | Featured image from Somag News, Chart:
TradingView.com Disclaimer: The analysis represents the author's
personal views and should not be construed as investment advice.
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